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Petroleum downstream stakeholders react to report of fuel price increase

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Major stakeholders in the petroleum downstream sub-sector have dismissed the report of an imminent increase in the price of fuel.

This is contained in a statement jointly signed by Mrs Sotonye Iyoyo, acting Executive Secretary of PPPRA, Mr Obafemi Olawore, Executive Secretary, MOMAN and Mr Olufemi Adewole, Executive Secretary DAPPMA.

The statement said in Abuja on Wednesday that the envisaged increase in fuel was unfounded and uncalled for.

It said that a decision not to increase the price of fuel was reached at a meeting of the major stakeholders presided over by the Minister of State for Petroleum Resources, Dr Ibe Kachikwu.

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The statement said the Group Managing Director of (NNPC), acting Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), and acting Executive Secretary of Petroleum Equalisation Fund (PEF) were at the meeting.

Other stakeholders present were the Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), the Executive Secretary, Depot and Petroleum Products Marketers Association (DAPPMA), and chief executives of oil marketing companies, it said.

It said that the meeting reviewed the state of the downstream sector, especially as it was related to products supply, distribution, pricing and Forex sourcing.

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According to the statement, the meeting also reviews the recent concerns expressed at certain quarters on the sustainability of the current fuel price.
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It said that after exhaustive deliberations, stakeholders present were in the agreement that the speculations of an imminent upward price review of petrol were unfounded.

The position of the stakeholders was based on the current market fundamentals of PPPRA pricing template for petrol as the market was operating within the existing price of N135 and N145 per litre.

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According to the statement, the claim is therefore both unfounded and deceptive, as there is no basis for pricing speculations as being circulated in the last few days.

It said that the PPPRA used the opportunity to assure all stakeholders of uninterrupted products supply and distribution.

The statement said that Kachikwu had assured all Nigerians of Federal Government’s continued commitment to the welfare and well being of the people.

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